At the time of dissolution of the partnership firm, which personal properties are not considered as part of a partner's private property?

Properties owned by the partner's children

According to Section 49 of the Act, when both firm debts and private debts of a partner exist, the property of the firm should be utilized in a specific order. First, the debts of the firm should be paid off using the firm's property. Once the firm debts have been settled, any surplus remaining can be divided among the partners based on their claims. This surplus can then be utilized for payment of their private liabilities. After the firm debts have been paid, the private property of any partner can be used to pay off their private debts. If there is any surplus remaining from the partner's private property, it may be utilized for payment of the firm's debts, but only if the firm's liabilities exceed the firm's assets. It is important to note that the private property of a partner does not include the personal properties of their spouse and children. Therefore, the partner's personal assets, excluding those belonging to their spouse and children, are considered when determining the private property that can be used for payment of their private debts and, if necessary, for the firm's debts.